What Is Helmet.insure and How to User It?

2021-03-26 01:01:28 · 288 views · 4 min read

 

Helmet.insure is a peer-to-peer Crypto assets insurance trading platform on Binance Smart Chain, written by option trading logic, which allows anyone to create any insurance policy easily in the market.

 

 

Unlike other insurance products you may have used, Helmet specializes in providing price-shield insurance for BSC assets, the type of insurance depending on token holders and traders.

 

 

There are 2 roles in this insurance protocol: 

  • Policy Supplier: a participant who deposits denominated assets to supply policy on the market.

  • Policy Holder: a participant who wants to hedge price loss.

 

The project team, as one of the policy suppliers, provides 2 types of insurance policy to users: cover 50% off and cover 100% up (cover miss out). Both policy durations are 14 days.

 

 

Cover 50% Off is a kind of bearish insurance to prevent "underwater". The policy holder can pay a premium to insure their bearish assets at a very small cost. The policy holder will get profits when the value of the token insured before the expiration date is lower than "half" of the price at the time of issuance. If the spot price is not less than the policy price at the end of expiration date, the policy supplier can steadily obtain the premium as interest.

 

 

Cover Miss Out is a kind of insurance against 'fear of missing out'. Policy holder pays a tiny cost for a "call' to prevent missing the pice of X denominated asset rise.

 

 

If the insured token's price is higher than double the issue price before the expiration date, the holder will get a profit. If the value of the Token is not more than double, the policy supplier will receive a stable premium as interest.

 

 

Helmet.insure has issued its own governance token $HELMET. The token price shows a high correlation with the protocol’s volume, like we pointed out in 6 Indicators for Trading BSC DeFi Tokens - Boost Your Trading Profit.

(The black line is the $HELMET token price)

 

 

Helmet.insure's 24h volume dropped by 27%, mind if the $HELMET price would drop as well. You can check the $HELMET token profile on Helmet.insure product detail page on dapp.com.

 

How to earn $HELMET tokens?

Currently, you can mine $HELMET tokens in these mining pools: 

  • HELMET-BNB LP (earn $HELMET and $CAKE)

  • HELMET-hDODO DLP (earn $HELMET and $DODO)

  • HELMET POOL (earn $HELMET)

The highest APR at the time of writing is 285.42% for the HELMET-BNB pool.

 

 

How to use Helmet.insure to buy (hold) a policy?

  • Choose the type of assets you'd like to be protected.

  • Choose the type of policy (Cover 100%/ Cover 50%/ Cover Issue Prices).

  • Check the best price premium and the max quantity you can buy. (There is always only one kind of policy for expiration date.) type in the quantity, click BUY button.

  • After clicking the buy button, it will activate MetaMask wallet to confirm the deal. 

  • Once you buy the policy successfully, you will receive the LONG Token. The transaction will show up on BSCscan.

  • Visit Tradingview tab and under “Policy You Hold”, it will list all the policies you bought. Verify that you received the correct LONG token by checking it with correct type of assets, policy price, premium, quantity, expiration date.

 

 

How to activate a policy?

  • Visit Tradingview tab and check “Policy You Hold”, choose the policy you'd like to activate.

  • Verify you activate the policy at the correct policy price.

  • Prepare enough quantity of underlying assets (≥ Quantity of policies you buy) in your wallet

  • Click "Activate" button and it will activate MateMask wallet to confirm the deal. 

  • Your underlying assets will be sent to policy supplier and you will receive denominated assets by your wallet.

 

 

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